A new Dallas special purpose acquisition company focused on the financial technology and financial services industries started trading on the Nasdaq Friday morning.
Financial Strategies Acquisition Corp. priced its initial public offering of 8.7 million shares at $10 per share. It began trading under the ticker symbol “FXCOU” on Dec. 10. The offering is expected to close on Dec. 14.
FXCOU shares rose 1.8% on Friday to $10.18.
Special purpose acquisition companies, known as SPACs, look for fast-growing companies to merge with and take public. Investors in the SPAC buy shares in the new company and later decide whether to keep the shares or get their initial investment back with interest.
“The objective of fintech companies can range from improving the efficiency of traditional financial services companies, to introducing new products and creating new markets, to those focused on disrupting traditional financial services companies with competitive products,” the company wrote in the filing.
The first half of 2021 was “an incredibly strong start” to the year for the global fintech market, according to audit, tax and advisory firm KPMG. Global fintech investment reached $98 billion in the first six months of 2021, compared to $87 billion in the last half of 2020.
“Fintech is in the beginning stages of transforming the global financial and investment business,” FSA wrote in its prospectus.
I-Bankers Securities Inc. is acting as the sole book-running manager in the offering.
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